Antam makes debut Australian bourse

Antam makes debut Australian bourse

JAKARTA (JP): PT Aneka Tambang (Antam) on Monday started its
first day trading on the Australian Stock Exchange (ASX), with
its chess units of foreign securities (CUFS) being traded at A$2
a piece in early trading.

Australian Ambassador to Indonesia John McCarthy hailed the
listing, saying he hoped Amtam's ASX debut would be followed by
other Indonesian companies.

"In the course of Indonesia's economic recovery, we hope to
see more companies listed on the ASX," the Australian ambassador
said during a teleconference session to Sydney during the listing
of Antam shares on the Australian bourse.

State Minister of Empowerment of State Enterprises Tanri Abeng
and Antam operations director Harsojo Dihardjo also joined the
Australian ambassador during the teleconference.

Antam became the first Indonesian company listed on the ASX
when it floated its shares on the Australian stock bourse on
Monday. Antam shares are traded in so-called CUFS units, where
each unit is equivalent to five common shares.

Antam listed its shares on the Jakarta and Surabaya stock
exchanges in November 1997, with the investing public holding 35
percent of the company's shares. The remaining 65 percent stake
is held by the government.

Starting on Monday the 35 percent stake of the company's
shares are now simultaneously traded on the Jakarta, Surabaya and
Australia exchanges.

Tanri said Antam's move was a necessary move for globalization
of the company.

"Antam's listing on the ASX will strengthen cooperation
between the two countries in the investment area," Tanri added.

Joining the teleconference in Sydney were the ASX head of
equity market Kate Neuss, Antam president Dedi Sumanagara, senior
government officials of the state of New South Wales and other
invitees.

Antam president Dedi Sumanagara said he hoped the listing
would prop up Telkom's share price to its ideal level.

Antam earlier said that its cross-listing on the ASX was to
lift its profile and to subject itself to higher standards of
transparency and mining disclosure.

After the teleconference Tanri said he did not dismiss the
possibility of selling a portion of the government's stake in
Antam through the ASX if the price consistently improved.

At day's end Antam's CUFS was quoted at $2.05, while in
Jakarta its shares closed at Rp 1,575. (udi)